IDFC Ltd on Thursday announced that it has divested entire stake in its step-down subsidiary IDFC Securities Ltd for Rs 86 crore.
In August 2019, the group had informed about the divestment plans of subsidiary.
On June 10, IDFC Ltd, through its wholly owned subsidiary IDFC Financial Holding Company Limited (IDFC FHCL), "completed the transaction for sale of its 100 percent equity stake held in IDFC Securities Ltd to Dharmesh Mehta along with other investors after obtaining all necessary regulatory approvals", it said in a regulatory filing.
Pursuant to the definitive agreement, IDFC FHCL has received a consideration of Rs 86 crore for its 100 percent shareholding, it added.
"Subsequent to the completion of this transaction, the IDFC group does not hold any shareholding in IDFC Securities, the filing said, adding that Mehta does not belong to promoter/promoter group companies.
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